This framework will takes you through several different quantitative and qualitative tools for identifying the key industries in your area. Using data from on-line sources, you will be able to calculate share of employment, location quotients, and shift share analysis, among other things. Adding the use of qualitative criteria in identifying your industry clusters will further refine understanding of your local economic base. The process takes a few hours and the results will be similar to what many cities and regions pay private consultants to do.
Understanding the key industries in your area will allow you to develop improved strategies for economic development, by helping to focus on the most dynamic sectors of your economy.